fan. 1  Historical a device for winnowing grain. 2  any device or machine used to set up a current of air for ventilating or cooling; specif., any flat surface moved by hand. a folding device made of paper, cloth, etc. which when opened has the shape of a sector of a circle. 3  anything in the shape of a fan (noun), as the tail of a bird.
In addition, interest on home equity debt can also be deductible. Home equity debt essentially includes any other loan that is secured by your main home or second home. A lower borrowing limit of $100,000 for most taxpayers or half that for married taxpayers filing separately applies to home equity debt. What counts as mortgage interest? The portion of your monthly payment that goes to interest clearly counts as deductible mortgage interest for these purposes.
The deductions for home equity and mortgage interest are only available to taxpayers who are eligible to itemize deductions on a Schedule A attachment to their Form 1040. Eligibility to itemize requires that your total itemized deductions, including home interest, be greater than the standard deduction amount.